Mayo Clinic Bumps Up Contribution to DMC Operating Budget by 36 Percent
As it celebrated the groundbreaking of a new medical official building in Rochester, the Destination Medical Center initiative revealed in documents filed with the city that Mayo Clinic’s contribution to the initiative is jumping by 36 percent in 2018.
With attention focused last week on the kick-off of Mortenson Construction’s new Phase I medical office building at Discovery Square—one of the first concrete signs of the effort’s progress—the DMC’s Economic Development Agency submitted its 2018 operating budget in support of its annual funding request from the Rochester City Council.
The numbers revealed Mayo is increasing its DMC contribution to $1.27 million for the coming year, up from $934,000 in 2017.
Council members, meanwhile, also approved the DMC’s request of $2.5 million from the city, down $122,000 from 2017’s total.
Overall, the DMC established a total 2018 operating budget of $3.79 million to pursue its goals of turning Rochester into a world-class magnet for health-related business development. The 20-year public/private effort meant to build off Mayo’s planned $3.5 billion in private investment to create a broader regional growth strategy aimed at attracting 35,000 new jobs.
As well as approving the budget request, the City Council also voted on November 6 to extend a working capital loan agreement with the DMC.
The bump-up in Mayo funding reflects the clinic’s strong support of the DMC goals, the organization’s leaders said in a written statement issued to TCB.
“Mayo Clinic is a strategic partner with Destination Medical Center Economic Development Agency (DMC EDA), and their funding supports work plan program goals and initiatives,” it read. “The 2018 budget increase reflects some of the positive changes and progress happening in DMC.
“For example, in 2018, Mayo Clinic will be providing to the DMC EDA use of a downtown Rochester building as a bridge location for different levels of companies, investors and entrepreneurs to engage in the Discovery Square sub-district until the Mortenson Phase I building opens in Discovery Square.”
The budget documents also outlined some new strategic objectives for the coming year. They include a bigger emphasis on “community engagement outreach,” “environment and sustainability” and “patient, visitor and community experience.”